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Prepare the journal entry to record the gain or lossAnswered

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Assignment ID: FG132936836

Problem – Equipment was acquired on January 1, 2018, for $100,000 with an estimated 5-year life and $20,000 residual value. The company uses straight-line depreciation. Prepare the journal entry to record the gain or loss if the equipment was sold on December 31, 2020, for $50,000.

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